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Beanie Babies boss pleads guilty to tax evasion

Ty Warner will face record fines and up to five years in prison

All of the stuffed animals in the world wouldn’t make this sting less: The creator of Beanie Babies pled guilty to federal tax evasion on Oct. 2, claiming he hid millions in offshore bank accounts.

Ty Warner, the CEO of Ty Inc., now faces up to five years in federal prison and owes the government $53.6 million in fines for failing to file taxes on foreign financial accounts. That sum now becomes the largest offshore banking penalty is American history.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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